Tag Archives: Economic Forecasts
Bank of Canada Interest Rate Decision – October 22, 2014
The Bank of Canada once again chose to maintain it’s target for the overnight rate at 1 per cent this morning. In the statement accompanying the decision, the Bank noted that core inflation, which excludes volatile prices such as energy and food, has risen more rapidly than expected due to unexpected sector-specific factors while CPI Continue Reading »
RBC Forecasts a Moderate Slow Down for Canada’s Housing Economy in 2015 – Steady As She Goes for Victoria’s Market
Canada’s seemingly unstoppable surge in housing sales and price growth may slow down soon according to a new report from RBC Economics. “Strained affordability” and rising interest rates are expected to cool down sales in the market in 2015 while prices will decrease substantially. While resales will still see an increase of 2.1 per cent Continue Reading »
Winners and losers in Canada’s housing market
Canada Mortgage and Housing Corp. released a new forecast this week that was more bullish about Canadian prices, sales and construction than its prior forecast in May. But the national figures meld together very different markets from coast to coast. Here’s a regional breakdown of what CMHC is expecting. BRITISH COLUMBIA Overview: -Housing starts are Continue Reading »
Surprising Summer Sales for Victoria and Area Real Estate
The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for July 2014. 681 properties sold in the region in the month of July 2014, compared to 583 last year in July – an increase of nearly 17%. June 2014 saw 680 sales. When compared with year-to-date Continue Reading »
Where are buyers coming from? Not where you might think!
The Victoria Real Estate Board recently released some interesting statistics on where buyers are coming from in our region. I have personally seen a marked interest in both buying and selling with the Greater Victoria region in the past few weeks and months which leads me to believe that this is the start of a small, but moderate, Continue Reading »
Strongest May for Home Sales Since 2007
Vancouver, BC – June 13, 2014. The British Columbia Real Estate Association (BCREA) reports that a total of 8,729 residential sales were recorded by the Multiple Listing Service® (MLS®) in May, up 13.9 per cent from May 2013. Total sales dollar volume was $4.9 billion, an increase of 20.6 per cent compared to a year Continue Reading »
Spring Sales Continue to Rise in the Victoria Market
The Victoria Real Estate Board today released its monthly report on real estate activity in the Victoria area for May 2014. 714 properties sold in the region in the month of May 2014 compared to 659 in May 2013 – an increase of over 8% year over year. Compared to last month in April, there Continue Reading »
No bubble trouble: Genworth’s predictions for the Canadian condo market
Victoria Declining economic output and employment rates curbed growth in 2013, limiting demand for condos. Though with an improving economy, modest improvement is expected for 2014, lifting sales by about 2 per cent. Active condo listings dropped 9.5 per cent in 2013 and the report suggests a further 15 per cent drop is on the Continue Reading »
Real Estate Activity Continues Ahead of Spring Market
VICTORIA BC – Real estate market activity in the first two months of 2014 remained slightly ahead of the same period in 2013. Total MLS® sales in February were 412, a 4.6 per cent increase over February 2013 when 394 units sold and a 20.5 per cent increase over the 342 sales reported to the Continue Reading »
CMHC to Increase Mortgage Insurance Premiums
OTTAWA, February 28, 2014 — Following the annual review of its insurance products and capital requirements, CMHC will increase its mortgage loan insurance premiums for homeowner and 1 – 4 unit rental properties effective May 1, 2014. The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including Continue Reading »